Spain's Additional Tax System for High Income Earners

Spanish Finance Minister Maria Jesus Montero stated that they have started to work on additional taxation of the rich against the high inflation and energy problems that started with Russia's invasion of Ukraine.

"We need to ask those who make extraordinary profits, such as high-income earners and energy companies, to make more effort," Jesus Montero said in a press statement in parliament. Stating that the work on "taxing the rich more", which is the demand of the far-left Unidas Podemos alliance, the junior partner of the coalition government, is continuing, Spanish Finance Minister Montero added that the additional taxes, which will be temporary, are intended to take effect as of January 1, 2023. While the tax issue is constantly on the agenda due to Spain's economic problems, the local governments of the 17 autonomous administrations in the country have been taking different tax reduction decisions in recent days. Finally, the Andalusian autonomous government announced that Murcia, another autonomous government, will implement the decision of the Andalusian autonomous government to abolish the income tax. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!